Scope of Islamic Economic

The issue of subject matters in Islamic economics is pivotal in determining the area of discussion. If the scope is not clear, it would rather give a difficult task to the economists to construct Islamic economics into a full-fledged discipline and multiple works done are fruitless because the goal of all the works are not concentrated towards one objective. This is not merely an issue of unclear subject matter of Islamic economics, but rather the continuous efforts will be difficult to be done by the later generation toward developing the Islamic economics systems into reality.

According to Ramzan Akhtar (1), most of the Muslim economists have proposed a wider scope of Islamic economics on the basis of comprehensive and integrated viewpoint of human life. Some economists, like Ahmad, has relatively make comparison between the secular economic and the Islamic economic in term of the scope of the later is more global and holistic, in which takes place at both levels, horizontal as well as vertical or inter-temporal.

In the work of defining the scope of Islamic economics, Mohsin Khan (1983) has proposed also a wider scope of Islamic economic that encompasses a wide range set of issues, such as property rights, the incentives system, the allocation of resources, types of economic system, the system of economic decision-making and the proper role of government. Moreover, Mannan (1986) observed that Islamic economics is more restricted one, and in other sense where it is more comprehensive than modern economics. The restriction he means in here is the confinement of the Islamic economics’s foundation to the teaching of Qur’an and Sunnah, and certain laws apply in Islam will give rather a certain limitation of freedom of action in economic activity whether it goes to individual, at state level or others. However, he considers as well that Islamic economic is seem to be more comprehensive over the secular economics. It takes cognizance also to non-economic factor to the discussion including political, social, ethical and moral factors.

This idea seem to go parallel with Akram Khan (1983) where he found that the inclusion of many normative economics like preferring others over one’s own interest, looking after orphans and etc, lead to its scope to be more wider and comprehensive.

In my humble opinion, the discussion of economic related to trade, economic policy of fiscal and monetary, economics of zakat, resources management, economic problems of recession, unemployment, inflation etc, and then the Islamic finance and all are under this area are considered to be the crux of the discussion in Islamic economics, where the others elements attached to the economics are indirectly being discussed, as the scope of economics are interrelated of one to another. All of these discussions are lying upon the area of muamalat in Islam. The scope of mualamat that previously talk mostly about trade, sale, contract etc. should be broaden to the other critical dimension of economics issues as well, where they are more applicable discussion and updated to the contemporary needs and wants. This area must be also paid a great attention by many religious scholars because we do need both people who have knowledge about modern economy to be integrated with the group of people that are knowledgeable in Islamic heritage. Calling both parties into this discussion would ensure the theory and practices that we try construct going in line with the Shariah rules and regulations.

References:

1. Muhammad Ramzan Akhtar, “Definition, Nature and Scope of Islamic Economics”, retrieved from http://www.financeinislam.com/article/1_36/1/398
2. Khan, Akram, M. (1983), “Islamic Economics: Nature and Need” Journal of Research in Islamic Economics, Volume 1, No. 2, p. 55
3. Mannan, M.A., “Islamic Economics: Theory and Practice” (Cambridge: The Islamic Academy, revised ed., 1986), pp.425.
   
   
   Abu Mardhiyyah (Undergraduate Student)
   Department of Economic
   International Islamic University of Malaysia (IIUM)